格隆汇9月11日｜浙商证券研报指出，新时达为国产机器人龙头，运动控制主业拐点向上，海尔入主有 望推动公司具身智能/人形机器人整机落地进程超预期。公司深耕运控技术三十载，控制类产品迭代能 力强。具体看：市占率居前。公司电梯控制器全球第二、SCARA工业机器人国内出货量第四；自动化 产品国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国内首家实现机器人驱 控一体的厂商，并可实现机器人控制器+伺服驱动自供。未来公司在具身智能整机方面布局可参考特斯 拉、小米、小鹏等。从具身智能底层能力来看，公司拥有运动控制技术积淀、工业机器人制造经验等， 海尔拥有工业及家庭场景大模型、数据采集能力、应用场景等，则我们认为公司未来有望打通具身智 能/人形机器人"大小脑+本体+应用场景+销售体系"全产业链。则从具身智能整机生态完整性角度，公司 可参考特斯拉/小米/小鹏等头部跨界厂商。而从运动控制技术自主可控角度，公司布局亦可参考智元、 宇树等。公司具身智能/人形机器人产品落地、订单导入；公司毛、净利率持续改善；公司半导体机器 人订单量不断提升。上调公司评级为"买入"。 ...

Core Viewpoint - The article discusses the strategic investment by Haier Group in New Times, highlighting the potential for synergy in the smart manufacturing sector and the market's mixed reactions to the company's transformation efforts [3][4][14]. Group 1: Haier's Strategic Investment - Haier Kaos acquired a 10% stake in New Times at a price of 19.61 yuan per share, representing a 93% premium over the pre-suspension price, totaling 1.3 billion yuan [4]. - Following a private placement, Haier's total investment reached 2.519 billion yuan, resulting in a controlling stake of over 40% in New Times, positioning Haier as the actual controller [4]. - The acquisition is seen as a strategic move to enhance Haier's capabilities in smart manufacturing, leveraging New Times' core technologies in motion control and industrial robotics [4]. Group 2: Market Reactions and Financial Performance - New Times' stock price surged by 90% within three months following Haier's investment, indicating positive market sentiment [7]. - However, New Times faces significant financial challenges, with cumulative losses exceeding 1.5 billion yuan from 2022 to 2024, and a net loss of 8.13 million yuan in Q1 2025 despite a 14.54% year-on-year revenue increase [7]. - The company's gross margin declined by 1.1 percentage points to 16.96%, raising concerns about its ability to improve profitability post-acquisition [7]. Group 3: Institutional Interest and Management Actions - In May 2025, New Times hosted nearly 100 institutional investors, focusing on three main areas: the progress of the Haier synergy, the development of humanoid robots, and inventory management strategies [8][9]. - The company plans to launch humanoid robots by the end of 2025 and is currently negotiating technology collaborations with several firms [8]. - On May 14, two executives announced plans to sell up to 200,000 shares, causing a temporary dip in stock prices, although the management emphasized their continued confidence in the company's future [10][14]. Group 4: Long-term Outlook - Analysts suggest that the enthusiasm from institutional investors reflects a recognition of the long-term potential in smart manufacturing, while the executives' share reduction serves as a cautionary signal regarding short-term valuation risks [13]. - The future success of New Times will depend on the realization of significant collaborative projects with Haier, which could determine the company's ability to navigate its transformation [14].

Core Insights - The People's Bank of China (PBOC) has implemented a 50 basis points (bp) reserve requirement ratio (RRR) cut and a 10 bp reduction in policy interest rates, along with a 25 bp decrease in structural loan and housing loan rates, aimed at enhancing financial support for technology innovation enterprises [2][25][31] - The central bank and regulatory authorities have emphasized the importance of stabilizing the financial markets and supporting the economy, particularly in light of the impacts of tariffs on both global and domestic economic conditions [3][26][29] - Specific measures to support technology enterprises include expanding the loan quota for "two new" initiatives by 300 billion yuan and enhancing the issuance of technology innovation bonds [4][27] Monetary Policy - The monetary policy remains accommodative, with a focus on reducing funding costs and releasing long-term liquidity [3][26] - The PBOC's RRR cut is expected to release approximately 1 trillion yuan in long-term liquidity, which will support credit growth and economic recovery [21][32] - The policy interest rate has been lowered from 1.5% to 1.4%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) [22][33] Capital Market Support - The central bank has merged two capital market tools, increasing the total quota to 800 billion yuan, which is expected to benefit listed companies through share buybacks and increases [5][28] - The China Securities Regulatory Commission (CSRC) is working to enhance the entry of long-term funds into the market, aiming to stabilize and improve market conditions [5][28][36] - The CSRC has also indicated a focus on asset restructuring as a key area of work [5][28] Technology Sector Focus - The financial support for technology enterprises is becoming more specific, with measures including the establishment of risk-sharing tools for technology innovation bonds and the optimization of the bond issuance process [4][27] - The CSRC plans to release policies to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, facilitating equity financing for technology companies [4][27] Economic Outlook - The report indicates that the A-share market's "technology narrative" is becoming clearer, with domestic market price-to-earnings ratios significantly lower than those of major global indices like the S&P 500 [7][29] - The overall economic performance and capital market responses in the first quarter have been acknowledged positively, with expectations for continued improvement in market conditions [3][26]